Skip to main content

ALEXANDRIA REAL ESTATE EQUITIES, INC.

For the period ended Sep 30, 2025. Filed Oct 27, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Oct 27, 2025

ARE$44.80-0.8%Stored close · as of Nov 6, 2026

What changed in Management’s Discussion and Analysis?

Read the current filing

Previous report: 10-Q

Period ended 2025-06-30; filed 2025-07-21.

0001035443-25-000179

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Current report: 10-Q

Period ended 2025-09-30; filed 2025-10-27.

0001035443-25-000198

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.

Compared 1635 previous paragraphs and 1882 current paragraphs.

893 unchanged; 434 reworded; 508 added; 271 removed; 37 previous and 47 current paragraphs rearranged.

Tables are not compared: 86 previous and 88 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.

A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.

Added paragraphs (508)

Current report

and private biotechnology companies; advanced technologies companies; biomedical institutions; U.S. government institutions; and

Current report

•Significant liquidity of $4.2 billion, or 4.2x our debt maturities through 2027.

Current report

•Leasing of previously vacant space aggregating 256,633 RSF, up 40%, over the quarterly average over the last five

Current report

ended September 30, 2025 and 13.6% and 6.8% (cash basis) for thenine months ended September 30, 2025.

Current report

•$751.9 million, down 5.0%, for thethree months ended September 30, 2025, compared to$791.6 million for thethree

Current report

have been relatively flat compared to thethree months ended September 30, 2025.

Current report

•$2.3 billion, down 2.4%, for thenine months ended September 30, 2025, compared to$2.3 billion forthe nine months

Current report

increased by 3.0% for thenine months ended September 30, 2025.

Current report

•Decrease in net operating income (cash basis) includes the impact of operating properties disposed of after January

Current report

1, 2024. Excluding these dispositions, net operating income (cash basis) – annualized for thethree months ended

Current report

September 30, 2025, would have decreased by 1.2%, and for thenine months ended September 30, 2025 would

Current report

have increased by 7.3%, compared to the corresponding periods in 2024.

Current report

•(6.0)% and(3.1)% (cash basis) for thethree months ended September 30, 2025, compared to thethree months

Current report

•91.4% same properties’ average occupancy for thethree months ended September 30, 2025, compared to

Current report

94.8% average occupancy for thethree months ended September 30, 2024.

Current report

•(3.1)% and 3.0% (cash basis) for thenine months ended September 30, 2025, compared to thenine months ended

Current report

•92.6% same properties’ average occupancy for thenine months ended September 30, 2025, compared to 94.6%

Current report

average occupancy for thenine months ended September 30, 2024.

Current report

savings are expected to be temporary in nature, we anticipate approximately half of the cost reductions expected to

Current report

•Common stock dividend declaredof$1.32 per share for thethree months ended September 30, 2025, aggregating $5.28

Current report

•Dividend yield of 6.3% as of September 30, 2025 anddividend payout ratio of 60% for the three months ended

Current report

•In addition, as described in the “Summary of key items that may impact 2026 results” section of “Results of operations” in

Current report

this Item 2, in light of market and life science industry conditions and our continued focus on capital efficiency, our Board

Current report

of Directors expects to carefully evaluate our 2026 dividend strategy.

Current report

total dispositions and sales of partial interests in 2025 (dollars in millions):

Current report

(1)Excludes an exchange of partial interests of Pacific Technology Park and 199 East Blaine Street with nominal net cash proceeds. Refer to “Dispositions and sales of

Current report

future delivery upon completion of construction (and is included in item 2 below); (ii) 0.2% vacancy at one asset in our Greater Stanford submarket, which was recently

Current report

acquired with the intent to redevelop office to laboratory space but for which we are now evaluating options to reposition for advanced technologies use; and (iii) 0.6% of

Current report

other occupancy declines, primarily from space that became vacant during the three months ended September 30, 2025 which we are currently marketing. These lease

Current report

expirations resulting in the 1.1% decline in occupancy previously generated annual rental revenue aggregating approximately$29.0 million and had a weighted-average

Current report

approximately May 1, 2026 and the expected annual rental revenue is approximately$46 million.

Current report

and losses aggregating$180.4 million and$152.1 million, respectively.

Current report

statement of operations consisted of$34.8 million of realized gains,$18.5 million of unrealized gains, and$25.1 million of

Current report

•In August 2025, we repaid a secured construction loan aggregating$154.6 million with an interest rate of 7.18%, which

Showing the first 40 of 508 passages. Open the source sections for the rest.

Removed paragraphs (271)

Previous report

product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical

Previous report

research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a long-

Previous report

platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in

Previous report

higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.

Previous report

(1)Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be occupied upon completion of building and/or tenant

Previous report

improvements. The weighted-average expected delivery date is January 2, 2026. Refer to “Summary of occupancy percentages in North America” in Item 2 for additional

Previous report

June 30, 2025, the total leased RSF would have increased to 1.2 million RSF for the three months ended June 30, 2025 from

Previous report

June 30, 2025 and 13.2% and 6.9% (cash basis) for thesix months ended June 30, 2025.

Previous report

•$762.0 million, down 0.6%, for thethree months ended June 30, 2025, compared to$766.7 million for thethree months

Previous report

•$1.52 billion, down 1.0%, for thesix months ended June 30, 2025, compared to$1.54 billion forthesix months ended

Previous report

•(5.4)% and 2.0% (cash basis) for thethree months ended June 30, 2025, compared to thethree months ended June 30,

Previous report

768,080 RSF acrosssix properties and four submarkets, with aweighted-average lease expiration date of January 21,

Previous report

Excluding the impact of these lease expirations, same property net operating income changes for thethree months

Previous report

ended June 30, 2025 would have been(2.1)% and 6.5% (cash basis). As of June 30, 2025,153,658 RSF was leased with

Previous report

a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining

Previous report

614,422 RSF over the next several quarters. Refer to the “Summary of occupancy percentages in North America” in Item

Previous report

•(4.3)% and 3.4% (cash basis) for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024.

Previous report

•Common stock dividend declared for thethree months ended June 30, 2025 of $1.32 per share aggregating $5.26 per

Previous report

•By maintaining our recent dividendat $1.32 per share, over $40 million of additional liquidity and equity capital can be

Previous report

•Dividend payout ratio of 57% for the three months ended June 30, 2025.

Previous report

(1)Refer to “Summary of properties and occupancy” in Item 2 for additional details.

Previous report

losses aggregating$180.2 million and$172.5 million, respectively.

Previous report

operations consisted of$30.5 million of realized gains,$21.9 million of unrealized losses, and$39.2 million of impairment

Previous report

•Upon maturity on April 30, 2025, we repaid our 3.45% unsecured senior notes payable aggregating$600.0 million, using

Previous report

proceeds from our February 2025 unsecured senior notes payable offering.

Previous report

Coolidge Avenue, a development project where we have a 76.9% interest. The project is currently 76% leased/negotiating and

Previous report

is expected to deliver in 2026. We expect to repay the loan aggregating $153.5 million which matures in 2026 andbears an

Previous report

interest rate of 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early extinguishment of debt of

Previous report

$99 thousand for the write-off of unamortized deferred financing costs during the three months ending September 30, 2025.

Showing the first 40 of 271 passages. Open the source sections for the rest.

Reworded paragraphs (434)

Previous wording

Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset

Current wording

Research Triangle, and New York City. As of September 30, 2025, Alexandria has a total market capitalization of $27.8 billion and an

Previous wording

base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing

Current wording

asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties

Previous wording

teamwork. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science

Current wording

teamwork. Our tenants include multinational pharmaceutical companies; life science product, service, and device companies; public

Previous wording

standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus

Current wording

others. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and

Previous wording

environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency,

Current wording

collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and

Previous wording

creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital

Current wording

inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science

Previous wording

•84% of our leasing activity during the last twelve months was generated from our existing tenant base.

Current wording

•82% of our leasing activity during the last twelve months was generated from our existing tenant base.

Previous wording

A sector-leading REIT with a high-quality, diverse tenant base and strong margins

Current wording

A sector-leading REIT with a high-quality, diverse tenant base, strong margins, and long lease terms

Previous wording

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all publicly traded U.S. REITs

Current wording

Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all publicly traded U.S. REITs

Previous wording

•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.1x for thethree months ended

Current wording

•Net debt and preferred stock to Adjusted EBITDA of 6.1x and fixed-charge coverage ratio of 3.9x for thethree months

Previous wording

June 30, 2025 annualized, with targets for the three months ended December 31, 2025 annualized ofless than or equal to

Current wording

ended September 30, 2025 annualized, with targets for the three months ended December 31, 2025 annualized of 5.5x to

Previous wording

•12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.

Current wording

•11.6 years weighted-average remaining term of debt, longest among S&P 500 REITs.

Previous wording

•Since 2021, ourquarter-end fixed-rate debt averaged 97.2%.

Current wording

•Since 2021, ourquarter-end fixed-rate debt has averaged 96.7%.

Previous wording

•$297.3 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund

Current wording

•$166.9 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund

Previous wording

construction from July 1, 2025 through 2027 and beyond, including$116.7 million from July 1, 2025 to December 31, 2025.

Previous wording

•Leasing volume of 769,815 RSF during thethree months ended June 30, 2025.

Current wording

•Leasing volume of 1,171,344 RSF during thethree months ended September 30, 2025.

Previous wording

tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria

Current wording

a 16-year build-to-suit lease expansion aggregating 466,598 RSF on the Campus Point by Alexandria Megacampus

Previous wording

Megacampus in our University Town Center submarket. If this were included in the leasing volume for the three months ended

Previous wording

•Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash basis) for thethree months ended

Current wording

•Rental rate increases on lease renewals and re-leasing of space of 15.2% and 6.1% (cash basis) for thethree months

Previous wording

•84% of our leasing activity during the last twelve monthswas generated from our existing tenant base.

Current wording

•82% of our leasing activity during the last twelve monthswas generated from our existing tenant base.

Previous wording

June 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by 4.6% for

Current wording

months ended September 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would

Previous wording

ended June 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by

Current wording

ended September 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have

Previous wording

•Net operating income (cash basis) of$2.0 billion for thethree months ended June 30, 2025 annualized increased by

Current wording

•Net operating income (cash basis) of$1.9 billion for thethree months ended September 30, 2025 annualized decreased

Previous wording

$111.4 million, or 5.8%, compared to thethree months ended June 30, 2024 annualized. Refer to “Net operating income, net

Current wording

by$118.5 million, or 5.8%, compared to thethree months ended September 30, 2024 annualized. Refer to “Net operating

Previous wording

operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a reconciliation of our

Current wording

income, net operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a

Current wording

reconciliation of our net income to net operating income (cash basis).

Previous wording

•$59.8 million for thesix months ended June 30, 2025, representing cost savings of $31.9 million, or 35%, compared to the

Current wording

•$89.0 million for thenine months ended September 30, 2025, representing cost reductions of $46.6 million or 34%,

Previous wording

six months ended June 30, 2024, primarily the result of cost-control and efficiency initiatives on reducing personnel-

Current wording

compared to thenine months ended September 30, 2024, primarily the result of cost-control and efficiency initiatives

Current wording

related to reducing personnel-related costs and streamlining business processes. Given that some of these cost

Previous wording

•As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended

Current wording

•As a percentage of net operating income, ourgeneral and administrative expenses for the trailing twelve months

Previous wording

June 30, 2025 were 6.3%, representing the lowest level in the past ten years, compared to 9.2% for the trailing twelve

Current wording

ended September 30, 2025 were 5.7% — the lowest level in the past ten years andapproximately half the average of

Previous wording

common share for thetwelve months ended June 30, 2025, up 18 cents, or 3.5%, over thetwelve months ended June 30,

Current wording

per common share for thetwelve months ended September 30, 2025, up 14 cents, or 2.7%, over thetwelve months

Previous wording

•Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating$2.3 billion for

Current wording

•Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating$2.3 billion

Previous wording

the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range.

Current wording

for the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range.

Previous wording

total dispositions and sales of partial interests in 2025 (in millions):

Previous wording

2024, which include lease expirations that became vacant during the three months ended March 31, 2025, aggregating

Current wording

(1)Comprises the following: (i)0.3% related to lease expirations that became vacant during the three months ended September 30, 2025 and have been re-leased with a

Showing the first 40 of 434 pairs. Open the source sections for the rest.

Rearranged current paragraphs (47)

Current report — wording carried from elsewhere

companies through our venture capital platform.

Current report — wording carried from elsewhere

•Includes the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for

Current report — wording carried from elsewhere

within Part I in our annual report on Form 10-K for the year ended December 31,2024.

Current report — wording carried from elsewhere

trend will stabilize or reverse in the future.

Current report — wording carried from elsewhere

“Summary of significant accounting policies” to our unaudited consolidated financial statements.

Current report — wording carried from elsewhere

funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under

Current report — wording carried from elsewhere

interest expense recognized in our consolidated statement of operations.

Current report — wording carried from elsewhere

(2)Represents amounts in effectas of September 30, 2025.

Current report — wording carried from elsewhere

current projects” in Item 2 for additional details.

Current report — wording carried from elsewhere

“Summary of contractual lease expirations” in Item 2 for additional details.

Current report — wording carried from elsewhere

near-term project expected to commence

Current report — wording carried from elsewhere

A+ development and redevelopment properties: current projects” in Item 2 for additional details.

Current report — wording carried from elsewhere

report consisted of the following (dollars in thousands):

Current report — wording carried from elsewhere

million. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information.

Current report — wording carried from elsewhere

New Class A/A+ development and redevelopment properties: recent deliveries (continued)

Current report — wording carried from elsewhere

Same Property– Net Operating Income (Cash Basis)

Current report — wording carried from elsewhere

leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,

Current report — wording carried from elsewhere

insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in

Current report — wording carried from elsewhere

information, refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial

Current report — wording carried from elsewhere

September 30, 2025,91% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay

Current report — wording carried from elsewhere

substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses

Current report — wording carried from elsewhere

process improvements. As a percentage of net operating income, our general and administrative expenses for the trailing twelve

Current report — wording carried from elsewhere

policies” to our unaudited consolidated financial statements in Item 1.

Current report — wording carried from elsewhere

Gain on sales of real estate

Current report — wording carried from elsewhere

ventures,” respectively, to our unaudited consolidated financial statements in Item 1.

Current report — wording carried from elsewhere

funds from operations per share, as adjusted.

Current report — wording carried from elsewhere

(3)Refer to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.

Current report — wording carried from elsewhere

to Note 7 – “Investments” to our unaudited consolidated financial statements in Item 1 for additional details.

Current report — wording carried from elsewhere

to reach anticipated pre-construction milestones on April 14, 2026, on a weighted-average real estate investment basis. We will

Current report — wording carried from elsewhere

expenditures across our organization, including our general and administrative expenses. These initiatives are expected to

Current report — wording carried from elsewhere

•As of October 27, 2025, our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or

Current report — wording carried from elsewhere

(2)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions

Current report — wording carried from elsewhere

to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.

Current report — wording carried from elsewhere

Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements in Item 1 for additional information.

Current report — wording carried from elsewhere

undergoing construction andone 100% pre-leased committed near-term project expected to commence construction in the next year.

Current report — wording carried from elsewhere

common stock repurchases, to aggregate up to$500 million.

Current report — wording carried from elsewhere

dividends to $3.96 per common share paid for thenine months ended September 30, 2025 from$3.84 per common share paid for the

Current report — wording carried from elsewhere

unconsolidated real estate joint ventures in our consolidated statements of operations.

Current report — wording carried from elsewhere

(2)Refer to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements for additional information.

Current report — wording carried from elsewhere

(5)Refer to Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements for additional information.

Showing the first 40 of 47 passages. Open the source sections for the rest.

Rearranged previous paragraphs (37)

Previous report — wording carried elsewhere

•In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical

Previous report — wording carried elsewhere

•During the three months ended June 30, 2025, we did not repurchase any shares.

Previous report — wording carried elsewhere

•As of the date of this report, the approximate value of shares authorized and remaining under this program was

Previous report — wording carried elsewhere

(5)Includesone 100% pre-leased committed near-term project expected to commence construction in thenext year.

Previous report — wording carried elsewhere

10-K for the year ended December 31,2024.

Previous report — wording carried elsewhere

our development pipeline. Refer to “Item 1A. Risk factors” within “Part II – Other information” of this quarterly report on

Previous report — wording carried elsewhere

(1)Average remaining lease term based on annual rental revenue in effectas of June 30, 2025.

Previous report — wording carried elsewhere

leasing, to commence first-time conversion from non-laboratory space to laboratory space, or to commence future ground-up development. As of June 30, 2025, the

Previous report — wording carried elsewhere

real estate” under “Definitions and reconciliations” in Item 2 for additional details, including development and redevelopment square feet currently included in rental

Previous report — wording carried elsewhere

(4)Represents amounts in effectas of June 30, 2025.

Previous report — wording carried elsewhere

our ownership interest increases from 55% to 75%, after which future capital would be contributed pro-rata with our joint venture partner.

Previous report — wording carried elsewhere

(3)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2027 through 2028 is projected to be$236 million.

Previous report — wording carried elsewhere

(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

Previous report — wording carried elsewhere

(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance,

Previous report — wording carried elsewhere

consisting of pre-acquisition costs related to two potential acquisitions in our Greater Boston market, which we decided to no longer

Previous report — wording carried elsewhere

proceed with these acquisitions as a result of the current macroeconomic environment that negatively impacted the financial outlooks

Previous report — wording carried elsewhere

properties aggregating 247,246 RSF in our Austin submarket.

Previous report — wording carried elsewhere

annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities,

Previous report — wording carried elsewhere

repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.

Previous report — wording carried elsewhere

relates to 3.0 million RSF of development and redevelopment projects placed into service subsequent to January 1, 2024 andthree

Previous report — wording carried elsewhere

improvements. As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended

Previous report — wording carried elsewhere

currency translation gains related to our operations in Canada.

Previous report — wording carried elsewhere

(2)Refer to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.

Previous report — wording carried elsewhere

(3)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions

Previous report — wording carried elsewhere

(1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions

Previous report — wording carried elsewhere

Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for

Previous report — wording carried elsewhere

investments in publicly traded companies as of June 30, 2025 (in thousands):

Previous report — wording carried elsewhere

(1)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2025.

Previous report — wording carried elsewhere

expenditures related to construction activities and any common stock repurchases.

Previous report — wording carried elsewhere

“Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.

Previous report — wording carried elsewhere

Under our common stock repurchase program authorized in December 2024, we may repurchase up to$500.0 million of our

Previous report — wording carried elsewhere

investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit

Previous report — wording carried elsewhere

losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be

Previous report — wording carried elsewhere

annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities,

Previous report — wording carried elsewhere

repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.

Previous report — wording carried elsewhere

on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be

Previous report — wording carried elsewhere

The following table reconciles net income to net operating income and net operating income (cash basis) and computes